The Board of Estimate and Apportionment shall consist of the Mayor who shall be its President, the President of the Common Council and the Chairman of the Finance Committee of the Common Council.

The Board shall meet upon the call of the Mayor, and as directed by resolution of the Board itself and not less than once in each month. It shall be the trustees of all sinking funds. Each act of the Board shall be by resolution adopted by a majority vote of its members.

The Board shall fix the powers and duties and regulate the salaries and compensation of all city officers and employees, except as otherwise provided in this act, but no such salaries or compensation shall be effective until approved by the Common Council.

The Board of Estimate and Apportionment shall make all purchases of insurance, supplies, materials, machinery, tools and appliances for the city and its various departments, and shall make all contracts for materials or supplies to be purchased and for work to be done for the city and its various departments, and shall make written monthly reports thereof to the Common Council.